(META) 2023 Q3 法說會逐字稿

Good afternoon. My name is Dave, and I will be your conference operator today. At this time, I would like to welcome everyone to the Meta Third Quarter Earnings Conference Call. (Operator Instructions) This call will be recorded. Thank you very much.

午安.我叫戴夫，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Meta 第三季財報電話會議。 （操作員說明）此通話將會被錄音。非常感謝。

Ken Dorell, Meta's Director of Investor Relations, you may begin.

Meta 的投資者關係總監 Ken Dorell，您可以開始了。

Thank you. Good afternoon, and welcome to Meta Platform's Third Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Mark Zuckerberg, CEO; and Susan Li, CFO.

謝謝。下午好，歡迎參加 Meta Platform 2023 年第三季財報電話會議。今天與我一起討論我們的結果的是執行長馬克·祖克柏 (Mark Zuckerberg)；和財務長李蘇珊。

Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause these results to differ materially are set forth in today's press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

在我們開始之前，我想藉此機會提醒您，我們今天的言論將包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期的結果有重大差異。今天的新聞稿和我們向 SEC 提交的 10-Q 表格季度報告中列出了可能導致這些結果出現重大差異的因素。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The press release and an accompanying investor presentation are available on our website at investor.fb.com.

在本次電話會議中，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的調整表。新聞稿和隨附的投資者簡報可在我們的網站 Investor.fb.com 上取得。

And now I'd like to turn the call over to Mark.

現在我想把電話轉給馬克。

All right. Thanks, Ken. Thanks, everyone, for joining today. This was a good quarter for our community and our business. We estimate that there are now more than 3.9 billion people who use at least one of our apps every month. The big product news this quarter is that we just held our annual Connect conference. And we discussed Quest 3, which is the first mainstream mixed reality device, and the next generation of Ray-Ban Meta smart glasses, which is the first smart glasses with our Meta AI built in.

好的。謝謝，肯。謝謝大家今天的加入。對於我們的社區和業務來說，這是一個良好的季度。我們估計，現在每月至少有超過 39 億人使用我們的一款應用程式。本季的重大產品新聞是我們剛剛舉行了年度 Connect 會議。我們也討論了 Quest 3（首款主流混合實境裝置）和下一代雷朋 Meta 智慧眼鏡（首款內建 Meta AI 的智慧眼鏡）。

There continues to be a ton of innovation in AI, and we used Connect to describe and start launching a lot of the new consumer AI experiences that we expect to become meaningful parts of all of our apps and our business over the coming years. We started rolling out Meta AI, our new assistant that you can access across all our messaging experiences and smart glasses to answer questions, get access to real-time information and generate photorealistic images. We started launching our AI studio platform that enables people to create and interact with lots of different AIs for help getting things done and just having fun.

人工智慧領域繼續存在大量創新，我們使用 Connect 來描述並開始推出許多新的消費者人工智慧體驗，我們預計這些體驗將在未來幾年成為我們所有應用程式和業務的有意義的部分。我們開始推出 Meta AI，這是我們的新助手，您可以在我們所有的訊息體驗和智慧眼鏡中存取它來回答問題、存取即時資訊並產生逼真的影像。我們開始推出人工智慧工作室平台，使人們能夠創建許多不同的人工智慧並與之交互，以幫助完成工作並享受樂趣。

We rolled out Emu, our image creation model that produces high-quality images and stickers fast. We launched an early alpha of business AI so that eventually every business can have an AI to interface with customers to do sales and support. And we let out the plan to launch creator AIs next year, so every creator can have an AI that their fans can engage with to help them build out their community. And that's just a snapshot of some of the AI works that we're doing.

我們推出了 Emu，這是我們的圖像創建模型，可以快速生成高品質的圖像和貼紙。我們推出了商業人工智慧的早期測試版，以便最終每個企業都可以擁有人工智慧來與客戶互動以進行銷售和支援。我們也宣布了明年推出創作者人工智慧的計劃，讓每個創作者都可以擁有一個人工智慧，他們的粉絲可以與之互動，幫助他們建立自己的社群。這只是我們正在做的一些人工智慧工作的一個快照。

The experiences that we started rolling out at Connect are going to transform the way that people use all our services, feeds, messaging, hardware, advertising, business messaging, interacting with creators and more. But it's going to take time to tune all of these experiences before hundreds of millions or billions of people are going to use them. And I expect that dialing in these products and the vision that we articulated at Connect is going to be our theme for much of the next year. And I think that it's going to be a very exciting 2024.

我們在 Connect 上開始推出的體驗將改變人們使用我們所有服務、資訊流、訊息、硬體、廣告、商業訊息、與創作者互動等的方式。但在數億或數十億人使用它們之前，需要時間來調整所有這些體驗。我預計這些產品以及我們在 Connect 上闡述的願景將成為我們明年大部分時間的主題。我認為 2024 年將會是非常令人興奮的一年。

As we're looking ahead and planning for next year, I want to share a few thoughts on what I'm expecting. I've been happy with our results this year so far. And we are planning to continue focusing on operating efficiently going forward, both because it creates a more disciplined and lean culture and also because it provides stability to see our long-term initiatives through in a very volatile world.

當我們展望未來併計劃明年時，我想分享一些關於我的期望的想法。到目前為止，我對今年的成果感到滿意。我們計劃繼續專注於未來的高效運營，不僅因為它創造了一種更自律和精益的文化，還因為它為我們在一個非常動蕩的世界中實現長期計劃提供了穩定性。

Now in terms of investment priorities, AI will be our biggest investment area in 2024, both in engineering and compute resources. But I want to avoid allocating a lot of new headcount. So we're going to continue deprioritizing a number of non-AI projects across the company to shift people towards working on AI instead.

現在就投資重點而言，人工智慧將是我們2024年最大的投資領域，無論是工程資源還是運算資源。但我想避免分配大量新員工。因此，我們將繼續取消公司內一些非人工智慧專案的優先級，以將人們轉向人工智慧領域。

On the recruiting front, one dynamic that I want to flag is that we have a sizable hiring backlog right now since part of our layoffs earlier this year included teams swapping out certain skill sets for being able to hire others. And we're still going to be hiring those roles into 2024. So that means that even though we're going -- even though we're planning to grow headcount at a much slower rate going forward, the actual rate next year may temporarily be faster as we work through this hiring backlog.

在招聘方面，我想指出的一個動態是，我們現在有大量的招聘積壓，因為今年早些時候我們的部分裁員包括團隊更換某些技能以能夠僱用其他人。到 2024 年，我們仍將招募這些職位。因此，這意味著，儘管我們計劃以更慢的速度增加員工數量，但明年的實際速度可能會暫時下降我們在處理招聘積壓問題時要更快。

All right. Now let's get into our product updates. Let's start with Reels, which continues to do very well. We estimate that with all the ranking and product improvements that we've made, Reels has now driven more than 40% increase in time spent on Instagram since launch. We also reached a monetization milestone earlier than expected, and we estimate that Reels is now net neutral to overall company ad revenue. In many ways, Reels has now graduated from being an early initiative to now being a core part of our apps. So going forward, we're going to continue focusing on Reels, but we'll also look at growing it as part of our overall portfolio of video services, which make up more than half of the time that is spent on Facebook and Instagram. And there's a lot more to do across all of these.

好的。現在讓我們開始了解我們的產品更新。讓我們從 Reels 開始，它的表現仍然非常出色。我們估計，透過我們所做的所有排名和產品改進，自推出以來，Reels 現已推動 Instagram 上的使用時間增加了 40% 以上。我們也比預期更早達到了獲利里程碑，我們估計 Reels 目前對公司整體廣告收入呈現淨中性。從許多方面來說，Reels 現在已經從早期的舉措發展成為我們應用程式的核心部分。因此，展望未來，我們將繼續關注 Reels，但我們也會考慮將其發展為我們整體視訊服務組合的一部分，這些服務占我們在 Facebook 和 Instagram 上花費的時間的一半以上。所有這些方面還有很多工作要做。

All right. AI. AI advances are driving a lot of our product and business performance. Generative AI will increasingly be important going forward. I outlined our product road map earlier. And on top of that, we're also building foundation models like Llama 2, which we believe is now the leading open-source model with more than 30 million Llama downloads last month. Beyond that, there was also a different set of sophisticated recommendation AI systems that powers our Feeds, Reels, ads and integrity systems. And this technology has less hype right now than generative AI, but it is also very important and improving very quickly.

好的。人工智慧.人工智慧的進步正在推動我們的許多產品和業務績效。未來，生成式人工智慧將變得越來越重要。我之前概述了我們的產品路線圖。除此之外，我們也正在建立像 Llama 2 這樣的基礎模型，我們相信它現在是領先的開源模型，上個月 Llama 下載量超過 3000 萬次。除此之外，還有一套不同的複雜的推薦人工智慧系統為我們的 Feed、Reels、廣告和完整性系統提供支援。目前，這項技術的炒作程度比生成式人工智慧要少，但它也非常重要，而且改進得非常快。

AI-driven feed recommendations continue to grow their impact on incremental engagement. This year alone, we've seen a 7% increase in time spent on Facebook and a 6% increase on Instagram as a result of recommendation improvements. Our AI tools for advertisers are also driving results with Advantage+ shopping campaigns, reaching a $10 billion run rate and more than half of our advertisers using our Advantage+ creative tools to optimize images and text in their ads creative.

人工智慧驅動的提要推薦繼續增加對增量參與的影響。光是今年，由於建議的改進，我們在 Facebook 上花費的時間增加了 7%，在 Instagram 上花費的時間增加了 6%。我們為廣告主提供的人工智慧工具也透過 Advantage+ 購物活動推動了成果，達到了 100 億美元的運行率，超過一半的廣告商使用我們的 Advantage+ 創意工具來優化其廣告創意中的圖像和文字。

Business messaging also continues to grow across our services and I believe will be the next major pillar of our business. There are more than 600 million conversations between people and businesses every day on our platforms. To give you a sense of what this could look like when it's scaled globally, every week now, more than 60% of people on WhatsApp in India message a business app account. Revenue from click-to-message ads in India has doubled year-over-year. Now I think that this is going to be a really big opportunity for our new business AIs that I talked about earlier that we hope will enable any business to easily set up an AI that people can message to help with commerce and support.

商業訊息傳遞也在我們的服務中持續成長，我相信這將成為我們業務的下一個主要支柱。我們的平台上每天有超過 6 億人與企業的對話。為了讓您了解這種情況在全球範圍內推廣時會是什麼樣子，現在每週都有超過 60% 的印度用戶在 WhatsApp 上向企業應用程式帳戶發送訊息。印度點擊訊息廣告的收入較去年同期翻了一番。現在我認為這對我之前談到的新商業人工智慧來說將是一個非常大的機會，我們希望任何企業都能輕鬆建立一個人工智慧，人們可以透過發送訊息來幫助商業和支援。

Today, most commerce and messaging is in countries where the cost of labor is low enough that it makes sense for businesses to have people corresponding with customers over text. And in those countries like Thailand or Vietnam, there's a huge amount of commerce that happens in this way. But in lots of parts of the world, the cost of labor is too expensive for this to be viable. But with business AIs, we have the opportunity to bring down that cost and expand commerce and messaging into larger economies across the world. So making business AIs work for more businesses is going to be an important focus for us into 2024.

如今，大多數商業和訊息傳遞都發生在勞動力成本足夠低的國家，因此企業可以透過簡訊與客戶進行通訊。在泰國或越南等國家，大量的商業活動都是以這種方式進行的。但在世界許多地方，勞動成本太昂貴，這種做法不可行。但有了商業人工智慧，我們就有機會降低成本，並將商業和資訊傳遞擴展到世界各地更大的經濟體。因此，讓商業人工智慧為更多企業服務將成為我們 2024 年的重要重點。

I want to give a quick update on Threads. We're 3 months in now, and I'm very happy with the trajectory. There are just under 100 million monthly actives at this point. And we're now getting to the point where we're going to be focusing on growing the community further. From what we can tell, people love it so far. I thought for a long time that there should be a 1 billion-person public conversations app that is a bit more positive. And I think that if we keep at this for a few more years, then I think we have a good chance of achieving our vision there.

我想快速介紹一下 Threads 的最新情況。現在已經過去三個月了，我對目前的發展軌跡非常滿意。目前每月活躍人數略低於 1 億人。現在我們將專注於進一步發展社區。據我們所知，到目前為止人們都很喜歡它。我想了很長一段時間，應該有一個10億人的公共對話應用程式更積極一點。我認為，如果我們再堅持幾年，那麼我們就有很好的機會實現我們的願景。

All right. Now finally, in addition to AI, our other major long-term focus is the metaverse. And we just launched Quest 3, our most powerful headset yet at a very competitive price. We packed a lot of improvements in there, including a next-generation chipset with 2x the graphics performance, our best displays yet and a form factor that's 40% thinner than Quest 2. But the most important breakthrough for Quest 3 is that it's the first mainstream mixed reality device. And that means that when you put on the device, you see your physical room around you, and you can bring digital objects and games into your physical space, whether that's a ping-pong table or your workstation, a big-screen TV to play Xbox games on or your friends as holograms. The early reviews have been great, and it's been fun to see how people respond to this.

好的。最後，除了人工智慧之外，我們另一個主要的長期關注點是元宇宙。我們剛剛推出了 Quest 3，這是我們功能最強大的耳機，而且價格極具競爭力。我們在其中進行了大量改進，包括圖形性能提高2 倍的下一代晶片組、迄今為止最好的顯示器以及比Quest 2 薄40% 的外形尺寸。但Quest 3 最重要的突破是，它是首款主流混合實境裝置。這意味著當您戴上該設備時，您會看到周圍的實體房間，並且可以將數位物件和遊戲帶入您的實體空間，無論是乒乓球桌還是工作站、大螢幕電視來玩Xbox 遊戲或您朋友的全息圖。早期的評論非常好，看到人們對此有何反應很有趣。

We also launched the next generation of Ray-Ban Meta smart glasses. They're upgraded from the first generation in basically every way, better camera, clearer audio. They're lighter. They have more styles. And you can now even live-stream video from them. But most importantly, these are the first smart glasses shipping with Meta AI built in. So you can ask your glasses questions throughout the day, and it'll answer them right in your ear. And in many ways, glasses are the ideal form factor for an AI device because they enable your AI assistant to see what you see and hear what you hear. Again, it's good to see the early reviews are so positive, and I'm looking forward to the space evolving quickly over the coming years.

我們也推出了下一代雷朋 Meta 智慧眼鏡。它們基本上在各個方面都比第一代進行了升級，更好的攝像頭，更清晰的音訊。它們更輕。他們有更多的風格。現在您甚至可以直播他們的影片。但最重要的是，這是第一款內建 Meta AI 的智慧眼鏡。因此，您可以全天向眼鏡提出問題，它會在您耳邊回答。從很多方面來說，眼鏡都是人工智慧設備的理想外形，因為它們使你的人工智慧助理能夠看到你所看到的、聽到你所聽到的。再次，很高興看到早期的評論如此積極，我期待著這個領域在未來幾年快速發展。

We are also making progress on software for the metaverse, too. Horizon is now growing faster as more new worlds like Super Rumble and Citadel come online. We also started testing Horizon for phones, tablets and PCs, which is going to be an important part of how we build out the metaverse across devices. And we've had a couple of important milestones with avatars as well, both for our expressive avatars and the latest Codec Avatars that I showed off recently.

我們也在虛擬宇宙軟體方面取得了進展。隨著《Super Rumble》和《Citadel》等更多新世界上線，《地平線》現在發展得更快。我們也開始測試適用於手機、平板電腦和 PC 的 Horizo​​n，這將成為我們跨裝置建立元宇宙的重要組成部分。我們在頭像方面也取得了一些重要的里程碑，無論是我們富有表現力的頭像還是我最近展示的最新編解碼器頭像。

Now as I said at Connect, I think one of the most interesting questions for our industry over the coming decades is going to be how we bring together our physical and digital worlds into a coherent and good experience. I think we're starting to see some of the building blocks come together between mixed reality for bringing digital objects into the physical world, our AI studio work for enabling interactions with all kinds of different AIs and eventually smart glasses to bring all this together into a stylish form factor. So I am very excited about the road map ahead.

正如我在 Connect 上所說，我認為未來幾十年我們行業最有趣的問題之一將是我們如何將物理世界和數位世界結合在一起，形成連貫且良好的體驗。我認為我們開始看到混合現實之間的一些構建塊結合在一起，將數位物件帶入物理世界，我們的人工智慧工作室致力於與各種不同的人工智慧進行交互，最終智慧眼鏡將所有這些結合在一起時尚的外型。所以我對未來的路線圖感到非常興奮。

All right. That is my update for today. This was a good quarter. I'm pleased with our progress on efficiency this year. We're a leaner organization, shipping faster and advancing the state of the art in all of our long-term initiatives. And while investing heavily for the future, we also just recorded our highest operating margin in 2 years. So I'm looking forward to carrying this product momentum and operating discipline forward. As always, thank you to everyone on our team and all of you who are on this journey with us.

好的。這就是我今天的更新。這是一個不錯的季度。我對今年我們在效率方面取得的進展感到滿意。我們是一個更精簡的組織，發貨速度更快，並在我們所有的長期計劃中推進最先進的技術。在為未來進行大量投資的同時，我們也剛創下了兩年來的最高營業利潤率。因此，我期待著推動該產品的發展勢頭和營運紀律。一如既往，感謝我們團隊中的每個人以及與我們一起踏上這段旅程的所有人。

And now here's Susan.

現在是蘇珊。

Thanks, Mark, and good afternoon, everyone. Let's begin with our consolidated results. All comparisons are on a year-over-year basis, unless otherwise noted.

謝謝，馬克，大家下午好。讓我們從我們的綜合結果開始。除非另有說明，所有比較均按年比較。

Q3 total revenue was $34.1 billion, up 23% or 21% on a constant currency basis. Q3 total expenses were $20.4 billion, down 7% compared to last year. In terms of the specific line items, cost of revenue increased 9% as higher infrastructure-related costs were partially offset by lower content costs. R&D increased 1% as higher headcount-related costs from Family of Apps and Reality Labs were partially offset by lower non-headcount-related Reality Labs operating expenses. Marketing and sales decreased 24% due primarily to lower marketing spend and headcount-related costs. G&A decreased 39% due primarily to lower legal-related expenses.

第三季總營收為 341 億美元，成長 23%，以固定匯率計算成長 21%。第三季總支出為 204 億美元，比去年下降 7%。就具體項目而言，收入成本成長了 9%，因為較高的基礎設施相關成本被較低的內容成本部分抵消。研發成長了 1%，因為應用系列和現實實驗室與人員相關的成本增加被與人員無關的現實實驗室營運費用的減少部分抵消。行銷和銷售額下降 24%，主要是由於行銷支出和人員相關成本減少。一般管理費用下降 39%，主要是因為法律相關費用減少。

We ended the quarter with over 66,100 employees, down 7% from the second quarter. Our third quarter headcount no longer included the substantial majority of the employees impacted by the previously announced layoffs.

本季末，我們擁有超過 66,100 名員工，比第二季下降 7%。我們第三季的員工人數不再包括受先前宣布的裁員影響的絕大多數員工。

Third quarter operating income was $13.7 billion, representing a 40% operating margin. Our tax rate for the quarter was 17%. Net income was $11.6 billion or $4.39 per share. Capital expenditures, including principal payments on finance leases, were $6.8 billion, driven by investments in servers, data centers and network infrastructure. Capital expenditures were below the prior year levels, primarily due to lower server and data center construction spend as we prepared to shift to our new data center design as well as payment timing.

第三季營業收入為 137 億美元，營業利益率為 40%。我們本季的稅率為 17%。淨利潤為 116 億美元，即每股 4.39 美元。受伺服器、資料中心和網路基礎設施投資的推動，資本支出（包括融資租賃本金支付）為 68 億美元。資本支出低於上年水平，主要是由於我們準備轉向新的資料中心設計以及付款時間，伺服器和資料中心建設支出減少。

Free cash flow was $13.6 billion, benefiting from a deferral of income taxes, which was paid in the fourth quarter. We repurchased $3.7 billion of our Class A common stock in the third quarter and ended the quarter with $61.1 billion in cash and marketable securities and $18.4 billion in debt.

自由現金流為 136 億美元，受益於第四季繳納的所得稅延期。我們在第三季回購了 37 億美元的 A 類普通股，季末現金和有價證券為 611 億美元，負債為 184 億美元。

Moving now to our segment results. I'll begin with our Family of Apps segment. Our community across the Family of Apps continues to grow. We estimate that approximately 3.14 billion people used at least one of our Family of Apps on a daily basis in September and that approximately 3.96 billion people used at least one on a monthly basis. Facebook continues to grow globally, and engagement remains strong. Facebook daily active users were 2.09 billion, up 5% or 101 million compared to last year. DAUs represented approximately 68% of the 3.05 billion monthly active users in September. MAUs grew by 91 million or 3% compared to last year.

現在轉向我們的細分結果。我將從我們的應用程式系列部分開始。我們的應用程式系列社區不斷發展。我們估計，9 月大約有 31.4 億人每天至少使用我們的應用程式系列中的一款，並且大約有 39.6 億人每月至少使用一款。 Facebook 在全球持續成長，參與度依然強勁。 Facebook日活躍用戶為20.9億，較去年成長5%，即1.01億。 9 月份，DAU 約佔 30.5 億月活躍用戶的 68%。與去年相比，每月活躍用戶數增加了 9,100 萬，即 3%。

Q3 total Family of Apps revenue was $33.9 billion, up 24% year-over-year. Q3 Family of Apps ad revenue was $33.6 billion, up 24% or 21% on a constant currency basis. Within ad revenue, the online commerce vertical was the largest contributor to year-over-year growth, followed by CPG and gaming. Online commerce and gaming benefited from strong spend among advertisers in China reaching customers in other markets. On a user geography basis, ad revenue growth was strongest in Rest of World and Europe at 36% and 35%, respectively, followed by Asia Pacific at 19% and North America at 17%. Foreign currency was a tailwind to advertising revenue growth in all international regions.

第三季應用系列總營收為 339 億美元，年增 24%。第三季應用程式系列廣告營收為 336 億美元，成長 24%，以固定匯率計算成長 21%。在廣告收入中，線上商務垂直領域是年成長的最大貢獻者，其次是消費品和遊戲。線上商務和遊戲受益於中國廣告商在接觸其他市場客戶方面的強勁支出。從用戶地理來看，全球其他地區和歐洲的廣告收入成長最為強勁，分別成長了 36% 和 35%，其次是亞太地區（19%）和北美（17%）。外匯是所有國際地區廣告收入成長的推動力。

In Q3, the total number of ad impressions served across our services increased 31%, and the average price per ad decreased 6%. Impression growth was mainly driven by Asia Pacific and Rest of World. The year-over-year decline in pricing was driven by strong impression growth, especially from lower monetizing services and regions. While overall pricing remains under pressure from these factors, we believe our ongoing improvements to add targeting and measurement are continuing to drive improved results for advertisers.

第三季度，我們服務中的廣告展示總數增加了 31%，每個廣告的平均價格下降了 6%。印象數成長主要由亞太地區和世界其他地區推動。定價年減是由於印象成長強勁，尤其是貨幣化程度較低的服務和地區。儘管整體定價仍面臨這些因素的壓力，但我們相信，我們在增加定位和衡量方面的持續改進將繼續為廣告商帶來更好的結果。

Family of Apps other revenue was $293 million in Q3, up 53%, driven by strong business messaging revenue growth from our WhatsApp Business platform. We continue to direct the majority of our investments toward the development and operation of our Family of Apps. In Q3, Family of Apps expenses were $16.4 billion, representing approximately 81% of our overall expenses. FoA expenses were down 9% as growth in infrastructure-related costs was more than offset by lower legal-related expenses, marketing and headcount-related costs. Family of Apps operating income was $17.5 billion, representing a 52% operating margin.

在 WhatsApp Business 平台商業訊息收入強勁成長的推動下，第三季應用程式系列其他營收為 2.93 億美元，成長 53%。我們繼續將大部分投資用於應用程式系列的開發和營運。第三季度，應用程式系列支出為 164 億美元，約占我們整體支出的 81%。 FoA 費用下降了 9%，因為基礎設施相關成本的成長被法律相關費用、行銷和員工相關成本的下降所抵消。 Family of Apps 營業收入為 175 億美元，營業利益率為 52%。

Within our Reality Labs segment, Q3 revenue was $210 million, down 26% due primarily to lower Quest 2 sales. Reality Labs expenses were $4 billion, flat year-over-year as higher headcount-related expenses were offset by lower non-headcount-related operating expenses. Reality Labs operating loss was $3.7 billion.

在我們的 Reality Labs 部門，第三季營收為 2.1 億美元，下降 26%，主要是由於 Quest 2 銷量下降。 Reality Labs 支出為 40 億美元，與去年同期持平，因為與人員相關的支出增加被與人員無關的營運支出減少所抵消。 Reality Labs 營運虧損為 37 億美元。

Turning now to the business outlook. There are 2 primary factors that drive our revenue performance: our ability to deliver engaging experiences for our community and our effectiveness at monetizing that engagement over time. On the first, overall engagement on Facebook and Instagram remains strong. Reels and video content more broadly continues to grow and drive incremental engagement. AI-recommended content from unconnected accounts and feed continues to become increasingly incremental to engagement, including in the U.S. and Canada. These gains are being driven by improvements to our recommendation systems, and we see additional opportunities to advance our systems even further in the future as we deploy more advanced models.

現在轉向業務前景。推動我們收入表現的主要因素有兩個：我們為社區提供引人入勝的體驗的能力，以及隨著時間的推移，我們透過這種參與獲利的有效性。首先，Facebook 和 Instagram 的整體參與度仍然很高。更廣泛的捲軸和視訊內容繼續增長並推動增量參與。來自未連接帳戶和來源的人工智慧推薦內容繼續增加參與度，包括在美國和加拿大。這些成果是由我們的推薦系統的改進所推動的，隨著我們部署更先進的模型，我們看到了未來進一步改進我們的系統的更多機會。

We're also developing entirely new experiences for our community. Our investments in AI capacity in recent years have enabled us to support leading generative AI research, and we're meaningfully accelerating the pace of bringing that research into our products. We launched our first consumer gen AI experiences last month that are built on top of our foundation models and are excited to learn from how people use these tools to make them increasingly valuable over time. Aside from generative AI, Threads also remains a compelling long-term opportunity, and we're excited to build on the strong product momentum we have going into next year.

我們也為我們的社區開發全新的體驗。近年來，我們對人工智慧能力的投資使我們能夠支援領先的生成人工智慧研究，並且我們正在有意義地加快將該研究引入我們的產品的步伐。上個月，我們推出了第一個消費者一代人工智慧體驗，這些體驗建立在我們的基礎模型之上，並且很高興了解人們如何使用這些工具，使它們隨著時間的推移變得越來越有價值。除了生成式人工智慧之外，Threads 仍然是一個引人注目的長期機會，我們很高興能夠在明年的強勁產品勢頭的基礎上再接再厲。

Turning to the second driver, improving monetization. Here, our focus is on continuing to drive marketing performance for businesses, including through business messaging. There are 4 areas of this work: improving Reels monetization, creating engaging on-platform ad experiences, making it easier for advertisers to connect their marketing data and increasingly leveraging AI across our ad systems and products.

轉向第二個驅動因素，提高貨幣化。在這裡，我們的重點是繼續提高企業的行銷績效，包括透過商業訊息傳遞。這項工作有 4 個領域：提高 Reels 的盈利能力、打造引人入勝的平台廣告體驗、讓廣告商更輕鬆地連接其行銷數據以及在我們的廣告系統和產品中越來越多地利用人工智慧。

On Reels, we have continued to improve monetization and are now at a level where Reels is neutral to overall revenue. We've made tremendous progress over the last year, building and scaling Reels as a consumer product, and it has now become part of the core experience on Instagram and Facebook. As such, we don't anticipate quantifying the net revenue contribution from Reels going forward.

在 Reels 上，我們不斷提高貨幣化水平，目前處於 Reels 對整體收入中性的水平。去年，我們在將 Reels 建置和擴展為消費性產品方面取得了巨大進展，現在它已成為 Instagram 和 Facebook 核心體驗的一部分。因此，我們預計不會量化 Reels 未來的淨收入貢獻。

We will still work to further improve Reels ads performance through ranking improvements and making Reels ads increasingly interactive while also growing supply to give businesses more opportunities to get in front of people. We anticipate this ongoing work will help Reels be a modest tailwind to revenue in 2024 while we continue to strike the right balance between engagement and revenue growth. But our focus going forward will be on growing revenue and engagement on overall video and more holistically across our product lines within Instagram and Facebook.

我們仍將努力透過提高排名來進一步提高 Reels 廣告的效果，使 Reels 廣告更具互動性，同時增加供應量，為企業提供更多展示在人們面前的機會。我們預計這項正在進行的工作將幫助 Reels 在 2024 年成為收入的適度推動力，同時我們將繼續在參與度和收入成長之間取得適當的平衡。但我們未來的重點將是增加整體影片的收入和參與度，以及更全面地關注 Instagram 和 Facebook 的產品線。

Next, on-site experiences. We're seeing sustained momentum with click-to-message ads. Click-to-WhatsApp ad revenue continues to grow very quickly in particular and is already at a multibillion-dollar annual run rate. We're progressing on our work to enable further down-the-funnel conversions. And longer term, we're excited about the potential of AI to help businesses message with customers more efficiently at scale. We've recently started testing AI capabilities with a few partners, and we'll take our time to get the experience right, but we believe this will be a big unlock for business messaging in the future.

接下來是現場體驗。我們看到點擊訊息廣告的持續成長動能。 Click-to-WhatsApp 廣告收入持續快速成長，年營業額已達數十億美元。我們正在努力推動進一步的通路下游轉換。從長遠來看，我們對人工智慧幫助企業更有效地大規模向客戶發送訊息的潛力感到興奮。我們最近開始與一些合作夥伴測試人工智慧功能，我們將花一些時間來獲得正確的體驗，但我們相信這將是未來商業訊息傳遞的一個重大解鎖。

We're also excited about the potential for paid messaging, which serves as a nice complement to click-to-messaging ads by helping businesses develop ongoing relationships with customers once they're in a messaging thread. Outside of business messaging, we're seeing good early traction with shops ads. And in the third quarter, we announced expanded commerce integrations with third-party services to make it easier for businesses to set up a Facebook or Instagram shop and run shops ads.

我們也對付費訊息的潛力感到興奮，它可以作為點擊訊息廣告的一個很好的補充，幫助企業在客戶進入訊息線程後與客戶建立持續的關係。除了商業訊息之外，我們還看到商店廣告的早期吸引力。在第三季度，我們宣布擴大與第三方服務的商務集成，使企業更容易建立 Facebook 或 Instagram 商店並投放商店廣告。

The third piece of our work is making it easier for advertisers to connect their marketing data. We're investing in ways to make it easier for advertisers to adopt our Conversions API, understand its impact and use it across a broader set of objectives. In addition to our existing support for AWS, in September, we announced the support of Google Cloud for the Conversions API Gateway. We've also introduced enhanced reporting and rolled out Conversions API for business messaging so click-to-message advertisers can now better understand the value of WhatsApp and Messenger and improve their performance.

我們的第三項工作是讓廣告主更容易連結他們的行銷數據。我們正在投資各種方法，讓廣告商更輕鬆地採用我們的 Conversions API、了解其影響並在更廣泛的目標中使用它。除了對 AWS 的現有支援之外，我們還在 9 月宣布了 Google Cloud 對 Conversions API Gateway 的支援。我們還引入了增強的報告功能，並推出了用於商業訊息傳遞的 Conversions API，因此點擊訊息廣告商現在可以更好地了解 WhatsApp 和 Messenger 的價值並提高其績效。

Last, AI. We are leveraging AI across our ad systems and suite of products, which is driving improved performance for advertisers. We're increasingly adopting the use of larger, more advanced ads models and using AI to power ads products that provide increased automation to advertisers. We're seeing strong traction with our Advantage+ shopping solution, particularly around online commerce and CPG advertisers looking to drive online sales. And we're continuing to invest in several other products within our Meta Advantage+ suite to help advertisers optimize and automate more of their campaigns.

最後，人工智慧。我們正在廣告系統和產品套件中利用人工智慧，這正在推動廣告商提高績效。我們越來越多地採用更大、更先進的廣告模型，並使用人工智慧來支援廣告產品，從而為廣告商提供更高的自動化程度。我們看到 Advantage+ 購物解決方案具有強大的吸引力，特別是在希望推動線上銷售的線上商務和 CPG 廣告商方面。我們將繼續投資 Meta Advantage+ 套件中的其他幾款產品，以幫助廣告商優化和自動化更多的廣告活動。

Before turning to our revenue outlook, I'd like to provide color on our hiring plans as we look to 2024. One important point to note is that we are currently operating with a significant underrun against our 2023 budgeted headcount. For much of late 2022 and early 2023, we had instituted a broad-based hiring freeze as we undertook our restructuring efforts. In addition, as part of those restructuring efforts, many teams elected to make deeper headcount reductions in order to hire different skill sets that they need. We have since resumed hiring but expect that much of our hiring that was originally planned for and budgeted in 2023 will occur in 2024.

在談到我們的收入前景之前，我想先介紹一下我們展望 2024 年的招聘計劃。需要注意的重要一點是，我們目前的營運情況與 2023 年預算員工人數相比嚴重不足。在 2022 年底和 2023 年初的大部分時間裡，我們在進行重組工作時實行了廣泛的招募凍結。此外，作為重組工作的一部分，許多團隊選擇進一步裁員，以僱用他們所需的不同技能。此後我們已恢復招聘，但預計原定 2023 年計劃和預算的大部分招聘將在 2024 年進行。

As part of our 2024 budget, we plan to selectively allocate incremental headcount toward 4 key company priorities: AI, infrastructure, Reality Labs and monetization as well as toward our regulatory and compliance needs. Of those areas, we expect AI to be the largest area of increased investment as we further invest in generative AI across our core products, internal tooling and research efforts. We aim to offset some of this growth by continuing our efficiency focus and reducing planned hiring in other areas across the company in 2024.

作為 2024 年預算的一部分，我們計劃有選擇地將增量人員分配給公司的 4 個關鍵優先事項：人工智慧、基礎設施、現實實驗室和貨幣化，以及我們的監管和合規需求。在這些領域中，隨著我們進一步投資核心產品、內部工具和研究工作，人工智慧將成為增加投資的最大領域。我們的目標是透過繼續關注效率並減少 2024 年公司其他領域的計劃招聘來抵消部分成長。

The net effect of our efforts to close out our 2023 hiring underruns and our efficiency-focused 2024 budgeting process is that we expect to end next year with reported in-seat headcount meaningfully higher than our current headcount but to grow at a slower rate beyond that. We also expect a step-up in infrastructure-related expense growth next year as we recognize higher depreciation and operating costs from running an expanded infrastructure footprint.

我們努力解決 2023 年招聘不足問題和注重效率的 2024 年預算流程的最終效果是，我們預計到明年年底，報告的在職員工人數將顯著高於當前員工人數，但增長速度將放緩。我們也預計明年基礎設施相關費用的成長將加快，因為我​​們意識到擴大基礎設施覆蓋範圍會帶來更高的折舊和營運成本。

In addition, we continue to monitor the active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results. Of note, the FTC is seeking to substantially modify our existing consent order and impose additional restrictions on our ability to operate. We are contesting this matter, but if we are unsuccessful, it would have an adverse impact on our business.

此外，我們繼續監控活躍的監管環境，包括歐盟和美國日益增加的法律和監管阻力，這可能會對我們的業務和財務表現產生重大影響。值得注意的是，聯邦貿易委員會正在尋求大幅修改我們現有的同意令，並對我們的營運能力施加額外的限制。我們正在就此事提出異議，但如果不成功，將對我們的業務產生不利影響。

Turning now to the revenue outlook. We expect fourth quarter 2023 total revenue to be in the range of $36.5 billion to $40 billion. Our guidance assumes a foreign currency tailwind of approximately 2% to year-over-year total revenue growth in the fourth quarter based on current exchange rates.

現在轉向收入前景。我們預計 2023 年第四季的總營收將在 365 億至 400 億美元之間。我們的指引假設，根據目前匯率，第四季總營收年增約 2%，受到外幣推動。

Turning now to the expense outlook. We anticipate that our full year 2023 total expenses will be in the range of $87 billion to $89 billion, lowered from our prior range of $88 billion to $91 billion. This outlook includes approximately $3.5 billion of restructuring costs related to facilities consolidation charges and severance and other personnel costs. We expect Reality Labs operating losses to increase year-over-year in 2023.

現在轉向費用前景。我們預計 2023 年全年總支出將在 870 億美元至 890 億美元之間，低於先前的 880 億美元至 910 億美元。這一前景包括與設施整合費用以及遣散費和其他人員成本相關的約 35 億美元的重組成本。我們預計 2023 年 Reality Labs 的營運虧損將年增。

We are also sharing a preliminary outlook for 2024 expenses, CapEx and our tax rate. We expect full year 2024 total expenses to be in the range of $94 billion to $99 billion. We continue to expect a few factors to be drivers of total expense growth in 2024. First, we expect higher infrastructure-related costs next year. Given our increased capital investments in recent years, we expect depreciation expenses in 2024 to increase by a larger amount than in 2023. We also expect to incur higher operating costs from running a larger infrastructure footprint. Second, we anticipate growth in payroll expenses as we work down our current hiring underrun and add incremental talent to support priority areas in 2024, which we expect will continue to shift our workforce composition toward higher-cost technical roles. Finally, for Reality Labs, we expect operating losses to increase meaningfully year-over-year due to our ongoing product development efforts in AR/VR and our investments to further scale our ecosystem.

我們也分享了 2024 年支出、資本支出和稅率的初步展望。我們預計 2024 年全年總支出將在 940 億美元至 990 億美元之間。我們仍預計有幾個因素將成為 2024 年總支出成長的驅動因素。首先，我們預計明年基礎設施相關成本將會上升。鑑於我們近年來增加的資本投資，我們預計 2024 年的折舊費用將比 2023 年增加更多。我們也預計，運作更大的基礎設施足跡將產生更高的營運成本。其次，隨著我們解決目前的招聘不足問題並增加增量人才以支持 2024 年的優先領域，我們預計工資支出將會增長，我們預計這將繼續使我們的勞動力結構轉向成本更高的技術職位。最後，對於 Reality Labs 來說，由於我們在 AR/VR 方面持續進行的產品開發工作以及為進一步擴大生態系統而進行的投資，我們預計營運虧損將比去年同期大幅增加。

Turning now to the CapEx outlook. We expect 2023 capital expenditures to be in the range of $27 billion to $29 billion, updated from our prior estimate of $27 billion to $30 billion. We anticipate our full year 2024 capital expenditures will be in the range of $30 billion to $35 billion, with growth driven by investments in servers, including both non-AI and AI hardware, and in data centers as we ramp up construction on sites with the new data center architecture we announced late last year.

現在轉向資本支出前景。我們預計 2023 年的資本支出將在 270 億美元至 290 億美元之間，此前我們的估計為 270 億美元至 300 億美元。我們預計 2024 年全年資本支出將在 300 億美元至 350 億美元之間，成長是由伺服器（包括非人工智慧和人工智慧硬體）以及資料中心的投資推動的，因為我們加大了站點建設力度我們去年年底宣布了新的資料中心架構。

On to tax. Absent any changes to U.S. tax law, we expect our fourth quarter 2023 and full year 2024 tax rates to be similar to the third quarter of 2023. Please note that our outlook for 2024 expenses, capital expenditures and tax rate are preliminary estimates. In the future, we expect to provide our forward -- our initial forward year expense, CapEx and tax rate outlooks on the fourth quarter calls.

到稅收。如果美國稅法沒有任何變化，我們預計 2023 年第四季和 2024 年全年的稅率將與 2023 年第三季相似。請注意，我們對 2024 年支出、資本支出和稅率的展望均為初步估計。未來，我們預計將在第四季度電話會議上提供我們的遠期——我們的初始遠期費用、資本支出和稅率展望。

In closing, this was a good quarter for our business as our efficiency efforts are translating into improved financial results, and we're seeing momentum across our company priorities. We are excited to build on this work in 2024 as we invest in areas that have the potential to meaningfully transform how people engage with our services and with each other in the years ahead.

最後，對於我們的業務來說，這是一個良好的季度，因為我們的效率努力正在轉化為財務表現的改善，我們看到公司優先事項的勢頭。我們很高興能夠在 2024 年繼續進行這項工作，因為我們投資的領域有潛力在未來幾年有意義地改變人們使用我們的服務以及彼此之間的互動方式。

With that, Dave, let's open up the call for questions.

戴夫，現在讓我們開始提問。

(Operator Instructions) Your first question comes from the line of Brian Nowak with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的布萊恩·諾瓦克（Brian Nowak）。

I have 2. The first one, Mark, just wanted to ask you about the open-source model strategy. You've been a leader in developing a lot of unique open-source AI models. You've got some high-profile distribution partners now. How do you think about the strategic opportunity for Meta from the growing open-source model adoption? And then the second one, Susan, just on the operating losses at Reality Labs. I understand there's product development and efforts to scale the ecosystem. Can you help us understand or give us examples of expenditure going on within Reality Labs that could also be ported and used over at Family of Apps perhaps over time?

我有2個。第一個，Mark，只是想問你關於開源模型策略的問題。您一直是開發許多獨特的開源人工智慧模型的領導者。您現在已經有了一些知名的經銷合作夥伴。您如何看待日益增長的開源模型採用為 Meta 帶來的策略機會？然後是第二個，蘇珊，只是關於現實實驗室的營運虧損。我了解產品開發和擴展生態系統的努力。您能否幫助我們理解或為我們提供現實實驗室中發生的支出範例，這些支出也許隨著時間的推移也可以在應用程式系列中移植和使用？

Sure. Okay. I can start with the AI models. We have a pretty long history of open sourcing parts of our infrastructure that are not kind of the direct product code. And a lot of the reason why we do this is because it increases adoption and creates a standard around the industry, which often drives forward innovation faster, so we benefit and our products benefit as well as there's more scrutiny on kind of security and safety-related things. So we think that there's a benefit there.

當然。好的。我可以從人工智慧模型開始。我們有相當長的開源基礎設施部分的歷史，這些部分不是直接產品代碼。我們這樣做的許多原因是因為它提高了採用率並創建了行業標準，這通常會更快地推動創新，因此我們受益，我們的產品受益，並且對安全性和安全性進行了更多審查 -相關的事情。所以我們認為這有好處。

And sometimes, more companies running models or infrastructure can make it run more efficiently, which helps reduce our costs as well, which is something that we've seen with open compute. So I think that there's a good chance that, that happens here over time. And obviously, our CapEx expenses are a big driver of our costs, so any aid in innovating on efficiency is sort of a big thing there.

有時，更多的公司運行模型或基礎設施可以使其運行更有效，這也有助於降低我們的成本，這是我們在開放式運算中看到的。所以我認為隨著時間的推移，這種情況很有可能發生。顯然，我們的資本支出是成本的巨大推動因素，因此任何對效率創新的幫助都是一件大事。

The other piece is just that over time with our AI efforts, we've tried to distinguish ourselves as being a place that does work that will be shared with the industry and that attracts a lot of the best people to come work here. So a lot of people want to go to the place to work where their work is going to touch most people. One way to do that is by building products that billions of people use. But if you're really a focused engineer or researcher in this area, you also want to build the thing that's going to be the standard for the industry.

另一件事是，隨著時間的推移，隨著我們在人工智慧方面的努力，我們試圖將自己打造成一個可以與行業共享的工作場所，並吸引許多最優秀的人才來這裡工作。所以很多人都想去他們的工作能夠影響大多數人的地方工作。實現這一目標的方法之一是開發數十億人使用的產品。但如果您確實是該領域的專注工程師或研究人員，您也想建立將成為行業標準的東西。

So I think that's pretty exciting, and it helps us do leading work while, at the same time, a lot of the secret sauce that goes into our product has specific product logic on top of the model, and we're also able to further train the models with data that we have internally. So I think it's a good balance of improving the quality of what we do and improving the economics around it and improving recruiting while still enabling us to build a leading product.

所以我認為這非常令人興奮，它幫助我們進行主導工作，同時，我們產品中的許多秘密武器在模型之上都有特定的產品邏輯，我們也能夠進一步使用我們內部擁有的資料訓練模型。因此，我認為，在提高我們工作的品質、改善周圍的經濟效益和改善招聘方面，這是一個很好的平衡，同時仍然使我們能夠打造領先的產品。

And Brian, I'll go ahead and take your second question, which is on the operating losses at Reality Labs and whether there's any benefit to Family of Apps from some of that work. So first, I should clarify, the majority of our Reality Labs costs are direct costs in headcount, operating expenses and product COGS for the Reality Labs work. The remainder of the Reality Labs total costs are indirect costs such as facilities that get allocated based on our estimate of their benefit to Reality Labs.

Brian，我將繼續回答您的第二個問題，即 Reality Labs 的營運虧損以及其中的一些工作是否會為應用程式系列帶來任何好處。首先，我應該澄清一下，我們現實實驗室的大部分成本是現實實驗室工作的人員數量、營運費用和產品銷貨成本等直接成本。現實實驗室總成本的其餘部分是間接成本，例如根據我們對現實實驗室效益的估計來分配的設施。

Now as you alluded to, Reality Labs is working to build the future of online interactions. And we do expect you'll see some interesting ways that translate into work with the Family of Apps in the near term. For example, with avatars, you've already seen 1 billion avatars created so far. We expect that this will become increasingly important across the Family of Apps. And we're also starting to see how our hardware can help create unique content for Facebook and Instagram today with our Ray-Ban Meta smart glasses making it easier to capture and share the Family of Apps, including live-streaming, and we think that will obviously create more engaging content for the content ecosystem.

現在，正如您所提到的，現實實驗室正在努力建立線上互動的未來。我們確實希望您能在短期內看到一些有趣的方式轉化為與應用程式家族的合作。例如，對於頭像，到目前為止您已經創建了 10 億個頭像。我們預計這在整個應用程式家族中將變得越來越重要。我們也開始了解我們的硬體如何幫助今天的 Facebook 和 Instagram 創建獨特的內容，借助我們的 Ray-Ban Meta 智慧眼鏡，讓捕捉和分享應用程式系列（包括直播）變得更加容易，我們認為顯然將為內容生態系統創造更具吸引力的內容。

Longer term, obviously, we think there's a lot of value from operating our Family of Apps experiences on top of a new computing platform that we helped develop, for example, having glasses on that enable you to have our Meta AI assistant with you at all times. And as glasses scale, they'll make it increasingly easy to capture compelling content from a first person point of view while you're staying in the moment or the activity that you're doing and sharing that content should enrich our content ecosystems even further.

顯然，從長遠來看，我們認為在我們幫助開發的新計算平台上運行我們的應用程式系列體驗有很多價值，例如，戴上眼鏡就可以讓我們的 Meta AI 助理隨身攜帶次。隨著眼鏡規模的擴大，它們將使您越來越容易地從第一人稱視角捕捉引人注目的內容，同時您也沉浸在當下或正在進行的活動中，並且分享該內容應該會進一步豐富我們的內容生態系。

But again, the operating losses that are occurring within the Reality Labs segment are really driven by the Reality Labs work directly. And we think that over the sort of arc of the years ahead, there will be increasing shared benefits to our Family of Apps experiences.

但同樣，現實實驗室部門內發生的營運損失其實是由現實實驗室的工作直接造成的。我們認為，在未來幾年中，我們的應用程式系列體驗將帶來越來越多的共享利益。

Your next question comes from the line of Eric Sheridan with Goldman Sachs.

你的下一個問題來自高盛的艾瑞克‧謝裡丹（Eric Sheridan）。

Maybe on the business, I have 2. One, when you see maybe a wider divergence than we thought in terms of some of the regional performance of the advertising businesses, anything to call out region by region and teams of either macroeconomic conditions or levels of product initiatives having been rolled out in different parts of the world that might led to a wider divergence in operating performance in the ad business across the globe would be number one.

也許在業務方面，我有 2 點。第一，當你看到廣告業務的某些區域表現方面的差異可能比我們想像的更大時，任何需要逐個區域和團隊的宏觀經濟狀況或水平的差異世界各地推出的產品措施可能會導致全球廣告業務營運績效出現更大差異，這將是第一大問題。

And then two, Susan, you introduced this concept a couple of quarters ago about data center architecture, and you said it's now being deployed in the way you're allocating capital into the business. Is there any update on how we should be thinking about that on a multiyear view in terms of achieving additional capital efficiencies and be able to deploy less CapEx but maybe with a higher throughput or output on those dollars spent?

然後兩個，Susan，您在幾個季度前介紹了這個關於資料中心架構的概念，並且您說它現在正在以您將資本分配到業務中的方式進行部署。從多年的角度來看，我們應該如何考慮實現額外的資本效率並能夠部署更少的資本支出，但也許在這些美元上花費更高的吞吐量或產出？有什麼更新嗎？

Thanks, Eric. So your first question, I think, was about regional trends or regional themes in our ad revenue, which as you saw this quarter accelerated across all regions. To give you a little bit of color, in North America, we saw accelerate by 7 points due primarily to strong demand from China advertisers. Note that North America didn't experience the same currency tailwinds that drove acceleration in year-over-year growth for the other regions. In the EU or in our EU region, we saw that accelerate 21 points. There was a broad-based acceleration in the region, including demand from China advertisers and some benefit from currency tailwinds after facing currency headwinds in Q2.

謝謝，埃里克。因此，我認為你的第一個問題是關於我們廣告收入的區域趨勢或區域主題，正如你所看到的，本季所有地區的廣告收入都在加速。稍微說明一下，在北美，我們看到成長了 7 個百分點，這主要是因為中國廣告商的強勁需求。請注意，北美並沒有經歷與其他地區同比增長加速相同的貨幣順風。在歐盟或我們的歐盟地區，我們看到增加了 21 個百分點。該地區出現了廣泛的加速成長，包括來自中國廣告商的需求，以及在第二季度面臨貨幣逆風後部分受益於貨幣順風。

Asia Pacific accelerated 9 points. We benefited from stronger demand in Southeast Asian countries, and again, the flip to currency tailwinds versus headwinds in Q2. Rest of World accelerated 20 points. We saw both stronger pricing and the same currency dynamic there. Brazil was a strong contributor to the region's acceleration due in part to increased advertisers -- demand from China advertisers targeting users in Brazil.

亞太地區加速9個點。我們受惠於東南亞國家強勁的需求，以及第二季貨幣順風與逆風的轉變。世界其他地區加速 20 點。我們在那裡看到了更強勁的定價和相同的貨幣動態。巴西對該地區的加速發展做出了重要貢獻，部分原因是廣告商的增加——針對巴西用戶的中國廣告商的需求。

Your second question was around the impact of the new data center architecture on our CapEx investments in the years to come. We are still relatively early on this. We had to pause some of our existing data center construction work to switch over to the new data center architecture that played through in some of our 2023 CapEx dynamics. And going forward, as I think we said when we introduced the concept of this architecture, we expect it to be more cost efficient for us. We expect it will give us greater fungibility in the way that we plan for CPU and GPU capacity. So we expect that we'll be realizing the cost benefits and efficiencies and the planning flexibility that the architecture gives us in the years to come.

您的第二個問題是關於新資料中心架構對我們未來幾年資本支出投資的影響。我們在這方面還處於相對早期的階段。我們不得不暫停一些現有的資料中心建設工作，以切換到新的資料中心架構，該架構在我們的 2023 年資本支出動態中發揮了作用。展望未來，正如我們在引入此架構概念時所說的那樣，我們希望它對我們來說更具成本效益。我們預計它將為我們規劃 CPU 和 GPU 容量的方式提供更大的可替代性。因此，我們預計我們將在未來幾年內實現該架構為我們帶來的成本效益和效率以及規劃靈活性。

And your next question comes from the line of Mark Shmulik with Bernstein.

你的下一個問題來自馬克·什穆里克（Mark Shmulik）和伯恩斯坦（Bernstein）的對話。

The first is this month, you started to roll out some of those first kind of gen AI tools for ad creative. I'd love to hear a little bit about kind of how that's going. Are advertisers using this? And really, is it creating better ads on their behalf? And then secondly, as we kind of look ahead here to the fourth quarter, there's certainly been a lot of unfortunate geopolitical kind of activity around the globe. Would love to just understand some color on how that affects kind of Meta's ad business.

第一個是本月，你們開始推出一些用於廣告創意的第一代人工智慧工具。我很想聽聽一些關於事情進展的情況。廣告商使用這個嗎？事實上，它是否代表他們製作了更好的廣告？其次，當我們展望第四季時，全球肯定會發生許多不幸的地緣政治活動。我很想了解這對 Meta 的廣告業務有何影響。

Thanks, Mark. I can take both of those. So your first question was around gen AI tools, especially for advertisers, and you'll see that we have been increasingly testing these in our AI Sandbox. And then as they become more mature, we incorporate them into our Ads Manager directly. We've incorporated them into some of our Advantage+ solutions.

謝謝，馬克。這兩樣我都可以接受。所以你的第一個問題是關於新一代人工智慧工具，特別是對於廣告商來說，你會看到我們越來越多地在人工智慧沙盒中測試這些工具。然後，隨著它們變得更加成熟，我們將它們直接合併到我們的廣告管理員中。我們已將它們納入我們的一些 Advantage+ 解決方案中。

A few that I would highlight that we're rolling out this quarter are text variations, so generating multiple versions of ad text based on an advertiser's original copy that helps highlight the selling points of their products and services, giving them multiple text options to better reach their audience. Another one is image expansion, which helps adjust creative assets to fit different aspect ratios across multiple services like Feed or Reels. That allows advertisers to spend less time themselves trying to repurpose their creative assets in these different formats. Another one is background generation, creating multiple backgrounds to complement the advertisers' product images, allowing advertisers to tailor their creative assets for different audiences. And we're making this available actually through Advantage+ catalog ads.

我要強調的是，我們本季推出的一些內容是文本變體，因此根據廣告商的原始副本生成多個版本的廣告文本，有助於突出其產品和服務的賣點，為他們提供多種文本選項，以更好地到達他們的觀眾。另一種是影像擴展，它有助於調整創意資產以適應多種服務（例如 Feed 或 Reels）的不同寬高比。這使得廣告商可以花更少的時間嘗試以這些不同的格式重新利用他們的創意資產。另一種是背景生成，創造多種背景來補充廣告主的產品形象，讓廣告主可以針對不同的受眾量身打造創意資產。我們實際上透過 Advantage+ 目錄廣告提供了這項服務。

And so we really feel like we've introduced quite a lot of new ads products and features. You asked about the gen AI one specifically, so those are the ones I highlighted. We've actually introduced a number of others that are related to other dimensions of the ad creation experience that we expect will help improve our advertising performance, will help advertisers drive sales, especially over the holidays and especially in the Advantage+ shopping suite. So we're very excited about all of those upcoming launches, and we think that the early advertiser feedback has been very positive.

因此，我們確實覺得我們已經推出了許多新的廣告產品和功能。你特別詢問了人工智慧世代，所以這些是我強調的。實際上，我們已經推出了許多與廣告創建體驗其他維度相關的其他內容，我們期望這些內容將有助於提高我們的廣告效果，將幫助廣告商推動銷售，特別是在假期期間，尤其是在Advantage+購物套件中。因此，我們對所有即將推出的產品感到非常興奮，我們認為早期廣告商的回饋非常積極。

Your second question was on looking ahead in Q4 and the impact of some of the geopolitical activity that we've seen around the world and how that might be affecting our business. So first, I think I should start by saying that our thoughts are with everyone who has been impacted by the horrific violence in the Middle East, and we know that our services can be a vital tool for information and connection and expression at a moment like this. And we're continuing to monitor the situation and are doing everything we can to keep people safe and to keep our services secure.

您的第二個問題是關於第四季度的展望以及我們在世界各地看到的一些地緣政治活動的影響以及這可能如何影響我們的業務。首先，我想我應該先說，我們的想法與所有受到中東可怕暴力影響的人同在，我們知道，在這樣的時刻，我們的服務可以成為資訊、連結和表達的重要工具。這。我們將繼續監控局勢，並盡一切努力確保人員安全和服務安全。

Now in terms of how this translates into impact on the Q4 business, first of all, I should say that coming into Q4, we've been seeing continued strong advertiser demand in key segments, including online commerce and gaming. But having said that, we are also seeing more volatility at the start of the quarter. That's in part why we widened our guidance range to capture that uncertainty. And so for instance, while we don't have material direct revenue exposure to Israel and the Middle East, we have observed softer ad spend in the beginning of the fourth quarter, correlating with the start of the conflict, which is captured in our Q4 revenue outlook.

現在就這如何轉化為對第四季度業務的影響而言，首先，我應該說，進入第四季度，我們看到線上商務和遊戲等關鍵領域的廣告商需求持續強勁。但話雖如此，我們在本季初也看到了更多的波動。這就是我們擴大指導範圍以捕捉這種不確定性的部分原因。例如，雖然我們在以色列和中東沒有實質的直接收入，但我們觀察到第四季度初的廣告支出疲軟，這與衝突的開始相關，這在我們的第四季度中得到了體現收入前景。

It's hard for us to attribute demand softness directly to any specific geopolitical event. Historically, we have seen broader demand softness follow other regional conflicts in the past such as in the Ukraine war. So this is something that we're continuing to monitor. We've reflected the latest trends and advertiser reaction that we've seen into our Q4 outlook, which again, we think, reflects the greater uncertainty and volatility in the landscape ahead.

我們很難將需求疲軟直接歸因於任何特定的地緣政治事件。從歷史上看，我們在過去的其他地區衝突（例如烏克蘭戰爭）之後看到了更廣泛的需求疲軟。所以這是我們正在繼續監控的事情。我們在第四季度展望中反映了我們所看到的最新趨勢和廣告商反應，我們認為這再次反映了未來前景更大的不確定性和波動性。

I want to add here, too, that we are pleased with the fundamentals of the business and with our execution. We've seen promising engagement trends. We're continuing to drive ad performance improvements. We're executing well on our company priorities. So we'll continue to stay focused in those areas, and we'll also remain disciplined with our investment approach as we navigate a volatile environment.

我還想在這裡補充一點，我們對業務的基本面和執行力感到滿意。我們已經看到了有希望的參與趨勢。我們將持續推動廣告效果的改進。我們在公司的優先事項上執行得很好。因此，我們將繼續專注於這些領域，並且在應對動盪的環境時，我們也將保持嚴格的投資方法。

Your next question comes from the line of Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

One for Mark and one for Susan. Mark, I was hoping you could talk more about the gen AI-driven vertical chatbots and Meta AI assistant rolled out of Connect a few weeks ago. How do you think about the potential for these products to improve both engagement and monetization over time? And then Susan, I know it's early, but I was hoping you could talk a little bit qualitatively about some of the puts and takes to 2024 revenue growth, and then in particular, whether you'd expect revenue to grow faster than expenses off a normalized revenue base backing out restructuring?

一份給馬克，一份給蘇珊。馬克，我希望你能多談談幾週前 Connect 推出的新一代人工智慧驅動的垂直聊天機器人和元人工智慧助理。您如何看待這些產品隨著時間的推移提高參與度和獲利能力的潛力？然後蘇珊，我知道現在還為時過早，但我希望您能定性地談談 2024 年收入增長的一些看跌期權和期權，特別是您是否預計收入增長速度快於支出增長速度正常化的收入基礎會退出重組嗎？

Sure. I could talk about some of the AI launches first. We launched Meta AI, which is sort of an AI assistant that you can ask different questions and get access to real-time information as well as generating images. And we also launched the first version of AI studio with several initial AI characters that you can interact with. And part of the idea here is that we think that having a basic assistant is really important, but we think that people are going to -- that there are going to be lots of different AIs that people interact with.

當然。我可以先談談一些人工智慧的發布。我們推出了 Meta AI，它是一種人工智慧助手，您可以提出不同的問題並存取即時資訊以及生成圖像。我們還推出了 AI studio 的第一個版本，其中包含幾個可以與您互動的初始 AI 角色。這裡的部分想法是，我們認為擁有一個基本的助手確實很重要，但我們認為人們將會 - 人們將會與許多不同的人工智慧進行互動。

We think ultimately, most creators are going to want one to help grow and engage their community. We think most businesses are going to want one to help support their customers and help drive commerce. So we think that there are going to be a lot of different AIs. In terms of engagement, the first order effect is, I think at scale, I think that this is going to be one of the ways that people use our messaging apps and communicate with -- and you're going to talk to people, and you'll talk to AIs.

我們認為最終，大多數創作者都會希望有一個人來幫助他們的社區發展和參與。我們認為大多數企業都希望有人能夠幫助支持他們的客戶並幫助推動商業發展。所以我們認為將會有很多不同的人工智慧。就參與度而言，我認為從規模上看，第一順序效應是，我認為這將成為人們使用我們的訊息應用程式並進行交流的方式之一——你將與人們交談，並且你會和人工智慧交談。

What the mix of that is, I think, will kind of shift over time, and I don't think anyone can really predict that. But this is a new use case that doesn't take away from people interacting with people. If anything, it should -- and we're designing these to make it so that they can help facilitate and encourage interactions between people and make things more fun by making it so you can drop in some of these AIs into group chats and things like that just to make the experiences more engaging. So this should be incremental and create additional engagement.

我認為，這些因素的混合會隨著時間的推移而變化，我認為沒有人能夠真正預測這一點。但這是一個新的用例，不會影響人們與人之間的互動。如果有的話，它應該- 我們正在設計這些，以便它們可以幫助促進和鼓勵人與人之間的互動，並使事情變得更有趣，這樣你就可以將其中一些人工智能放入群聊之類的東西這只是為了讓體驗更有吸引力。因此，這應該是漸進式的並創造額外的參與。

The AIs also have profiles in Instagram and Facebook and can produce content, and over time, are going to be able to interact with each other. And I think that's going to be an interesting dynamic and an interesting -- almost a new kind of medium and art form. So I think that will be an interesting vector for increasing engagement and entertainment as well. So I'm excited about that. Of course, whenever there's more engagement in the apps, that creates the opportunity for more monetization. So there's that on the monetization side.

人工智慧還在 Instagram 和 Facebook 上擁有個人資料，可以產生內容，隨著時間的推移，它們將能夠相互互動。我認為這將是一種有趣的動態和有趣的——幾乎是一種新的媒介和藝術形式。所以我認為這也將是增加參與度和娛樂性的一個有趣的載體。所以我對此感到很興奮。當然，只要應用程式的參與度增加，就會創造更多獲利的機會。因此，還有貨幣化方面的問題。

And then the other big opportunity on monetization, which I talked about upfront, is just business messaging. One of the big things that I think is a key unlock for making the business messaging -- for making that business model work around the globe is effectively making it so that businesses in countries where there's a higher cost of labor can have an AI that can respond to messages from people so that way, it's not cost prohibitive for them to engage in that type of interaction with customers.

我之前談到的另一個關於貨幣化的重大機會就是商業訊息傳遞。我認為，讓商業訊息傳遞的關鍵之一是讓這種商業模式在全球範圍內有效地發揮作用，以便勞動力成本較高的國家的企業能夠擁有人工智慧，回覆人們的消息，這樣一來，他們與客戶進行此類互動的成本就不會太高。

So I think that if we can -- as we are able to roll out the business AIs, I think that, that can really unlock and grow the business messaging business in a big way, but we have a lot of work to do to get there. So that's kind of a basic view on how I think this will affect the engagement in business.

因此，我認為，如果我們能夠——正如我們能夠推出業務人工智慧一樣，我認為，這確實可以極大地釋放和發展業務訊息傳遞業務，但我們還有很多工作要做才能實現這一目標。在那裡。這是我認為這將如何影響業務參與的基本觀點。

I'm happy to take the second question. Thanks, Doug. We obviously have not shared a 2024 revenue outlook yet. You asked about what are some of the significant puts and takes, and I'd maybe point back to what I said earlier about the Q4 outlook just to highlight what a volatile macro environment we believe we're in. I think that will obviously have a big impact on the advertising market next year, and it's something we'll be keeping a very close eye on. But ultimately, we're very subject to volatility in the macro landscape.

我很高興回答第二個問題。謝謝，道格。顯然我們還沒有分享 2024 年的營收前景。您詢問了一些重要的看跌期權和看跌期權，我可能會回顧一下我之前所說的有關第四季度前景的內容，只是為了強調我們認為我們所處的宏觀環境是多麼不穩定。我認為這顯然將帶來這將對明年的廣告市場產生重大影響，我們將密切關注這一點。但最終，我們非常容易受到宏觀環境波動的影響。

Certainly, our own ads performance is an area where we have invested a lot, and we've seen a lot of increased value that we've been driving for marketers. We've been increasing the conversions we deliver, higher -- and offering higher return on their ad spend. So we think that will be an important factor. We're continuing to enroll a lot of new features, both gen AI and not in our ads tool, and we're continuing to improve the ranking and delivery models that underlie our ads infrastructure. We'll also be obviously lapping stronger periods, especially in -- as you saw with this quarter's results. So all of those factors, I think, will play into the 2024 revenue outlook.

當然，我們自己的廣告成效是我們投入大量資金的一個領域，我們已經看到我們為行銷人員帶來了許多價值的增加。我們一直在提高我們提供的轉換率，並為他們的廣告支出提供更高的回報。所以我們認為這將是一個重要因素。我們將繼續引入許多新功能，包括 gen AI 和我們的廣告工具中未包含的功能，並且我們將繼續改進作為廣告基礎設施基礎的排名和投放模型。我們也將明顯經歷更強勁的時期，尤其是——正如您在本季度的業績中看到的那樣。因此，我認為所有這些因素都將影響 2024 年的收入前景。

You also asked about kind of the expense philosophy next year, whether expense growth will be tied to revenue growth. Obviously, the revenue outlook is uncertain. We talked a little bit about the -- what's going into the preliminary expense guide for 2024. The big components there are around infrastructure expenses. We do expect, given the increased capital investments that we have made in recent years, that depreciation expenses in 2024 will increase by a larger amount than in 2023. And we expect to incur higher operating costs from running a larger infrastructure footprint.

您也詢問了明年的支出理念，支出成長是否與收入成長掛鉤。顯然，收入前景存在不確定性。我們討論了 2024 年初步支出指南的內容。主要內容是基礎設施支出。鑑於我們近年來增加的資本投資，我們確實預計 2024 年的折舊費用將比 2023 年增加更多。而且我們預計，運行更大的基礎設施足跡將帶來更高的營運成本。

The second big driver is on payroll. We anticipate payroll growth driven by the spillover of hiring that we had intended for 2023 into 2024. And we do expect that Family of Apps will be a larger source of payroll expense growth than Reality Labs in 2024. Additionally, hiring will generally be concentrated in technical roles, which will continue to shift our workforce composition towards a higher cost basis. And of course, the final piece being Reality Labs operating losses, which we expect to increase in 2024 across both the expense growth from higher payroll costs as well as higher non-headcount cost to support the development of our next-gen VR and AR products.

第二大司機正在領薪水。我們預計薪資成長將受到我們原定 2023 年至 2024 年招募外溢效應的推動。我們確實預計，到 2024 年，應用程式系列將成為比 Reality Labs 更大的薪資支出成長來源。此外，招募通常會集中在技術角色，這將繼續將我們的勞動力構成轉向更高的成本基礎。當然，最後一部分是 Reality Labs 的營運虧損，我們預計到 2024 年，虧損將增加，包括工資成本上升帶來的費用成長以及支援下一代 VR 和 AR 產品開發的非人員成本上升。

How the expense and revenue outlook come together? Obviously, that's -- as we get more information on the revenue outlook for next year, that will influence that. Ultimately, we have talked about the framework that we introduced in the past. We recognize that we have very ambitious investments on the horizon, including over a long time horizon with our Reality Labs work and newer, equally ambitious investments we've added in the gen AI road map more recently. And we recognize that we have to earn the ability to invest in all of those things by delivering consolidated operating income growth over time. So that's something we're very much focused on.

費用和收入前景如何結合在一起？顯然，隨著我們獲得更多有關明年收入前景的信息，這將產生影響。最後，我們討論了過去介紹的框架。我們認識到，我們即將進行非常雄心勃勃的投資，包括我們現實實驗室工作的長期投資，以及我們最近在人工智慧路線圖中添加的更新的、同樣雄心勃勃的投資。我們認識到，我們必須透過隨著時間的推移實現綜合營業收入成長來獲得投資所有這些事物的能力。所以這是我們非常關注的事情。

Your next question comes from the line of Justin Post with Bank of America Merrill Lynch.

您的下一個問題來自美國銀行美林銀行的賈斯汀·波斯特 (Justin Post)。

Great. I guess I'll ask about the DSA and DMA and also press reports that there could be a subscription offering in Europe. Maybe, Mark, how do you think about subscription usage for Facebook? Maybe an update on how Meta Verified is going and how you're thinking about the evolution of the model in Europe. Maybe we'll start with that. And then for Susan, I know you've talked a lot about Chinese advertisers. How do you think that could affect the growth as you comp that next year?

偉大的。我想我會詢問有關 DSA 和 DMA 的信息，以及有關歐洲可能提供訂閱服務的新聞報導。也許，馬克，您如何看待 Facebook 的訂閱使用？也許是有關 Meta Verified 進度以及您如何考慮該模型在歐洲演變的最新資訊。也許我們會從那裡開始。至於蘇珊，我知道你已經談了很多關於中國廣告商的話題。您認為這會如何影響明年的成長？

Justin, thank you for the question. I think there are multiple parts there, and I will do my best to address all of them. But of course, let me know if I miss anything.

賈斯汀，謝謝你的提問。我認為這有多個部分，我會盡力解決所有這些問題。當然，如果我錯過了什麼，請告訴我。

So the first question was sort of around operating in Europe, in particular, the legal basis for ads. So as we announced in August, we intend to evolve our legal basis for processing personal data for ads to a consent model in the EU, the EEA and Switzerland, given the recent regulatory developments in those regions. We don't have any further details to share on the exact implementation at this time. We're continuing to engage with the DPC and other regulatory authorities on our proposed consent model. But we're committed to making this move as soon as possible, and we will provide an update when we have it.

因此，第一個問題與在歐洲的營運有關，特別是廣告的法律基礎。因此，正如我們在 8 月宣布的那樣，考慮到歐盟、歐洲經濟區和瑞士最近的監管發展，我們打算將處理廣告個人資料的法律基礎發展為同意模式。目前我們沒有任何關於具體實施的進一步細節可分享。我們將繼續與 DPC 和其他監管機構就我們提議的同意模式進行接觸。但我們致力於盡快採取這項舉措，並且我們將在收到更新後提供更新。

The second question you asked was about Meta Verified. So we're still, I think, quite early here but we've rolled out Meta Verified for creators to most markets globally. We continue to hear positive feedback from creators as we've helped them more easily establish their presence on Facebook and Instagram. We also have recently begun testing Meta Verified for businesses on Facebook and Instagram in select countries, and we have plans to expand that to businesses on WhatsApp in the future. And this will allow businesses to more easily stand out on our apps and build confidence with their customers and let their customers know that they're chatting with the right business. So we're encouraged by the early signs that we're seeing there, but again, very early and not a lot more to share right now.

您問的第二個問題是關於 Meta Verified 的。因此，我認為我們還處於早期階段，但我們已經為全球大多數市場的創作者推出了 Meta Verified。我們不斷收到創作者的正面回饋，因為我們幫助他們更輕鬆地在 Facebook 和 Instagram 上建立了自己的形象。我們最近也開始在部分國家針對 Facebook 和 Instagram 上的企業測試 Meta Verified，並計劃將來將其擴展到 WhatsApp 上的企業。這將使企業能夠更輕鬆地在我們的應用程式上脫穎而出，並與客戶建立信心，並讓客戶知道他們正在與正確的企業聊天。因此，我們對在那裡看到的早期跡象感到鼓舞，但同樣，時間還很早，現在沒有太多可分享的。

The third part of your question was around Chinese advertisers. So spend from Chinese advertisers further accelerated for us in Q3. We have benefited from strong investments from a few of our larger clients. We've also seen generally broader-based strength from other China advertisers, and we believe factors such as lower shipping costs and easing regulations on the gaming industry have served as tailwinds here. But I think there has been a broader story of improved growth across all advertiser regions in Q3, and even excluding China, advertisers revenue growth has accelerated nicely.

你問題的第三部分是關於中國廣告商的。因此，中國廣告商的支出在第三季進一步加速。我們受益於一些大客戶的大力投資。我們也看到其他中國廣告商普遍具有更廣泛的實力，我們認為運輸成本降低和遊戲產業監管放鬆等因素在這裡起到了推動作用。但我認為，第三季所有廣告商地區的成長都有所改善，甚至不包括中國，廣告商收入成長也得到了很好的加速。

And you kind of alluded to whether there's -- the sustainability of the China advertising revenue. And even though we've seen particularly strong growth this year, I would say that there has been a longer-term trend of overall growth with this segment dating back to past years and also periods of volatility in the past. Like in the last 2 years, we've seen periods with higher shipping costs with lockdowns, with regulation weighing on demand. So we recognize there's the potential for volatility in the future as well and especially given that there are so many macro factors at play that are quite hard to predict.

您提到了中國廣告收入是否具有永續性。儘管今年我們看到了特別強勁的成長，但我想說，該細分市場存在整體成長的長期趨勢，可以追溯到過去幾年以及過去的波動時期。與過去兩年一樣，我們經歷過因封鎖而導致運輸成本上升的時期，監管對需求造成壓力。因此，我們認識到未來也存在波動的可能性，特別是考慮到有許多很難預測的宏觀因素在起作用。

Your next question comes from the line of Youssef Squali with Truist.

你的下一個問題來自 Youssef Squali 和 Truist 的對話。

Two quick questions for me. First, can you share any early read into demand for Quest 3? It's been out for 10 days, but I think you've been taking orders from [at least the last 3 weeks]. And is it priced to be at least gross profit breakeven or not necessarily? And then second, Susan, for 2024 as we think about growth, can you speak maybe about political spend contribution that you've had back in 2020 and how that may inform how we should think about its contribution for 2024?

有兩個簡單的問題想問我。首先，您能分享一下 Quest 3 需求的早期解讀嗎？它已經上市 10 天了，但我認為你們[至少在過去 3 週]一直在接受訂單。它的定價至少是毛利損益平衡還是不一定？其次，蘇珊，當我們考慮 2024 年的成長時，您能否談談您在 2020 年獲得的政治支出貢獻，以及這如何影響我們應該如何考慮其對 2024 年的貢獻？

Sure. So the first part of your question was early sort of signals with Quest 3. We are not sharing any explicit expectations for Quest 3, either Q4 Reality Labs revenue, unit sales, et cetera. But we are very excited to have Quest 3 in market, in particular, during the holiday shopping period. We think early reviews have been great. And we're very excited to have a product out there that are going to introduce a lot of people to mixed reality experiences for the first time. So it's very early. I think we don't have very many more specifics. But again, we're quite excited to have it in the market and to have it, in particular, during the holiday marketing season.

當然。所以你問題的第一部分是 Quest 3 的早期訊號。我們沒有分享對 Quest 3 的任何明確預期，無論是第四季度 Reality Labs 的收入、銷售等等。但我們非常高興 Quest 3 上市，特別是在假期購物期間。我們認為早期的評論非常棒。我們非常高興能夠推出一款產品，它將首次向許多人介紹混合實境體驗。所以現在還很早。我認為我們沒有更多細節。但同樣，我們很高興能將其推向市場，尤其是在假日行銷季節。

Your second question was about political spend. And so this is a place where I would say we saw acceleration and positive year-over-year growth in all verticals this quarter really except politics, which is lapping the lead-up to the 2022 U.S. midterms last year. So I will say though that this is also just a very small vertical for us, so there's not too much more to add there.

你的第二個問題是關於政治支出。因此，我想說的是，本季度我們在所有垂直領域都看到了加速和同比積極增長，除了政治領域，政治領域正在為 2022 年美國中期選舉做準備。所以我要說的是，這對我們來說也只是一個非常小的垂直領域，所以沒有太多可以添加的地方。

Dave, we have time for one last question.

戴夫，我們有時間回答最後一個問題。

Certainly. That will come from the line of Ross Sandler with Barclays.

當然。這將來自羅斯·桑德勒（Ross Sandler）與巴克萊銀行（Barclays）的血統。

Mark, just going back to the AI agent theme. I know it's early, but how would you rank the overall strategy here around these AI agents and AI studio compared to other big initiatives that Meta has made in FoA over the years? Is this bigger than or as big as the Stories transition or the Reels transition? And any thoughts just kind of high level on that? And then the cost of serving up responses, especially stickers and images, is a little bit more expensive than your core business of aggregating the News Feed. So how much more expensive, I guess, is the question. And are there things you can do to bring that cost down?

馬克，回到人工智慧代理主題。我知道現在還為時過早，但與 Meta 多年來在 FoA 中製定的​​其他重大舉措相比，您如何評價圍繞這些 AI 代理商和 AI 工作室的整體策略？這比故事過渡或捲軸過渡更大還是一樣大？對此有什麼高層次的想法嗎？然後提供回覆的成本，尤其是貼紙和圖像，比聚合動態消息的核心業務要貴一些。所以我想問題是貴了多少。您可以採取哪些措施來降低成本？

Yes, sure. In terms of how big this is going to be, it's hard to predict because I don't think that anyone has built what we're building here. I mean there's -- some analogy is like what OpenAI is doing with ChatGPT, but that's pretty different from what we're trying to do. Maybe the Meta AI part of what we're doing overlaps with the type of work that they're doing. But the AI characters piece, there's a consumer part of that. There's a business part. There's a creators part. I'm just not sure that anyone else is doing this. And when we're working on things like Stories and Reels, there were some market precedents before that. Here, there's technology which is extremely exciting. But I think part of what leading in an area and developing a new thing means is you don't quite know how big it's going to be.

是的，當然。就其規模而言，很難預測，因為我認為沒有人建造過我們在這裡建造的東西。我的意思是——有些類比就像 OpenAI 正在用 ChatGPT 做的事情，但這與我們正在嘗試做的事情有很大不同。也許我們正在做的元人工智慧部分與他們正在做的工作類型重疊。但人工智慧角色這塊，有一個消費者的部分。還有商務部分。有一個創作者部分。我只是不確定其他人也在這樣做。當我們開發故事和捲軸之類的東西時，之前有一些市場先例。這裡有非常令人興奮的技術。但我認為，在一個領域處於領先地位並開發一項新事物意味著你不太知道它會有多大。

But what I predict is that I do think that the fundamental technology around generative AI is going to transform meaningfully how people use each of the different apps that we build. I think for the Feed apps, I think that over time, more of the content that people consume is going to be either generated or edited by AI. Some of it will be creators will now have all these tools to make content more easily and more fun. And I think over time, maybe we'll even get to the point where we can just generate content directly for people based on what they might be interested in. I think that, that could be really compelling.

但我預測，我確實認為圍繞生成人工智慧的基礎技術將有意義地改變人們使用我們建立的每個不同應用程式的方式。我認為對於 Feed 應用程式來說，隨著時間的推移，人們消費的更多內容將由人工智慧產生或編輯。其中一些創作者現在將擁有所有這些工具來使內容變得更容易、更有趣。我認為隨著時間的推移，也許我們甚至會達到這樣的程度：我們可以根據人們可能感興趣的內容直接為他們生成內容。我認為，這可能非常引人注目。

On the messaging side, I think that the way that we're looking at these AIs kind of ties into that directly where you'll be able to message with Meta AI or any of these different AIs for -- whether it's for fun, you have a question about something, you want to help doing something, you want to play a game or you want to message with a business for commerce or you want to engage with your favorite creator and they wouldn't normally otherwise have time to message you back but now they have an AI representing them that can. I think that, that will accrue to kind of to messaging behavior.

在訊息傳遞方面，我認為我們看待這些人工智慧的方式與你可以使用 Meta AI 或任何這些不同的人工智慧發送訊息的方式直接相關——無論是為了好玩，還是為了對某事有疑問、您想幫助做某事、您想玩遊戲或您想向企業發送商務訊息或您想與您最喜歡的創作者互動，否則他們通常沒有時間向您發送訊息回來了，但現在他們有了代表他們的人工智能。我認為，這將導致某種訊息傳遞行為。

It's going to change advertising in a big way. It's going to make it so much easier to run ads. Businesses that basically before would have had to create their own creative or images now won't have to do that. They'll be able to test more versions of creative, whether it's images or eventually video or text. So I think that that's really exciting, especially when paired with the recommendation AI.

它將大大改變廣告業。這將使投放廣告變得更加容易。以前基本上必須創建自己的創意或圖像的企業現在不必這樣做。他們將能夠測試更多版本的創意，無論是圖像還是最終的影片或文字。所以我認為這真的很令人興奮，尤其是與推薦人工智慧結合使用時。

On the hardware side, I mean, obviously, the smart glasses that we just rolled out, we sort of thought were a precursor to eventually getting to displays and holograms for augmented reality, and I think we will eventually get there still. It's not that far off. But I think that now the ability to deliver AI through smart glasses may end up being a killer use case for that even before you get to the kind of augmented reality type of use cases.

在硬體方面，我的意思是，顯然，我們剛剛推出的智慧眼鏡，我們認為是最終實現擴增實境的顯示器和全像圖的先驅，我認為我們最終仍將實現這一目標。距離並不遙遠。但我認為，現在透過智慧眼鏡提供人工智慧的能力可能最終成為一個殺手級用例，甚至在你進入擴增實境類型的用例之前。

So I think you're basically seeing that there are going to be -- this is a very broad and exciting technology. And frankly, I think that this is partially why working in the technology industry is so awesome, right, is that every once in a while, something comes along like this that like changes everything and just makes everything a lot better. And your ability to just be creative and kind of rethink the things that you're doing to be better for all the people you serve, I mean, I just think that's a lot of what is energizing and fun around building companies like this.

所以我認為你基本上會看到——這是一項非常廣泛且令人興奮的技術。坦白說，我認為這就是為什麼在科技業工作如此棒的部分原因，對吧，每隔一段時間，就會出現這樣的事情，就像改變一切，讓一切變得更好。你有能力發揮創造力，並重新思考你正在做的事情，以便為你所服務的所有人提供更好的服務，我的意思是，我認為這就是建立這樣的公司的許多活力和樂趣。

But yes, it's hard sitting here now to be able to predict like what the metrics are going to be around, like what's the balance of messaging between AIs and people or what's the balance in Feeds between AI content and people content or anything like that. But I mean I'm highly confident that this is going to be a thing, and I think it's worth investing in.

但是，是的，現在很難預測指標將會是什麼，例如人工智慧和人類之間的訊息傳遞的平衡是什麼，或者人工智慧內容和人類內容之間的資訊流的平衡是什麼，等等。但我的意思是，我非常有信心這將成為一件事，而且我認為它值得投資。

To the question about efficiency and costs, I think initially, it's most important to focus on getting to product market fit. And we obviously care a lot about efficiency, right? I mean the CapEx costs for our company are very significant, and it's one of the main things that weighs on the economic model of the company. So on the one hand, as we can improve the efficiency, we're able to do things like train bigger models and serve more people, which currently, right now, we're going to be bottlenecked on based on the amount of infrastructure that we have as this gets to the scales that we aspire to get to.

對於效率和成本的問題，我認為首先最重要的是關注產品市場契合度。我們顯然非常關心效率，對吧？我的意思是我們公司的資本支出成本非常高，這是影響公司經濟模式的主要因素之一。因此，一方面，隨著我們可以提高效率，我們能夠做一些事情，例如訓練更大的模型並為更多的人服務，而目前，基於基礎設施的數量，我們將遇到瓶頸。我們已經達到了我們渴望達到的規模。

So in the near term, the efficiency wins will primarily just be to deliver better products to more people. But over time, we're going to continue working on that. And I think we've been able to do pretty good work on efficiency on our hardware and compute. And over the long term, once we kind of have more of an understanding about what these products want to be, then we'll be able to drive the economic model based on that. But we'll work on that all throughout, but I think we're still in the pretty early part of that curve.

因此，在短期內，效率的勝利將主要是為更多的人提供更好的產品。但隨著時間的推移，我們將繼續致力於此。我認為我們已經能夠在硬體和計算效率方面做得很好。從長遠來看，一旦我們對這些產品的需求有更多的了解，我們就能夠在此基礎上推動經濟模型。但我們將始終致力於這一點，但我認為我們仍處於該曲線的早期階段。

Great. Thank you for joining us today. We appreciate your time, and we look forward to speaking with you again soon.

偉大的。感謝您今天加入我們。感謝您抽出寶貴的時間，我們期待很快再次與您交談。

This concludes today's conference call. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您加入我們。現在您可以斷開線路。